Imagine a world without competitors. A reality without RFPs. Consider what your business development efforts might look like if the process of converting a prospect to a client were a mere formality. How would your life change? What “sales” drudgery might you feel confident in eschewing once and for all?
No, I’m not describing an unreachable Eden that exists only in one’s wildest fantasy. I’m asking lawyers to embrace the notion that they can elevate themselves into a virtually unattainable category unto itself — one in which few can compete and only a small slice of the playing field dare to ascend: the position of thought leader.
But first, let’s address reality as it currently is...before we get ahead ourselves.
The Expertise Fire Hose
When we compete for business, we almost always want to be regarded as the best individual for the given opportunity. The smartest in the room. The most able tactician. The most obviously qualified candidate. In other words, the “expert.”
The reality is, so do our competitors. Many competing for a client’s business will share expertise of the same or similar quality to our own. The rest will most certainly fake it. The result? A prospect is presented with an overwhelming number of very similar-sounding solutions...almost indiscernible options.
For fear that we might lose a golden opportunity, we open up the “expertise” fire hose. PowerPoint presentations are stuffed with capabilities demonstrations, case studies, testimonials, prior successes, and statements of specialized expertise. Proposals present at length our bona fides, our resumes, and justifications for the prospect’s consideration. Pitches are made. Confident declarations of future outcomes are implied.
There is simply too much at risk to not get it all out there…especially with a prospect who’s ready to buy! What if our competitor looks slicker, smarter, or more suited for the job?
But there are two major problems with this approach:
Others competing for the engagement are almost certainly turning on expertise fire hoses of their own. The result? Your prospect is bombarded with an avalanche of competing and potentially indiscernible troves of information. Who said what? Do I have time to review all of this material? How can I tell the difference between one attorney’s expertise over the others’? The result: all of those attempts at differentiation fail due to the wealth of information but scarcity of time.
All of this is happening very quickly and suddenly (for the prospect to process clearly), in a highly compressed, high-stakes time frame. By the time we make it to the beauty contest, it’s practically too late for one to stand out as the “true” expert among a homogenous blur of also-rans. In other words, it’s too late, at that point, to ascend to the position of thought leader. The best time to plant that tree was years ago.
This all leads to a situation in which a client has a hard time distinguishing your voice from the chorus of the many. The worst-case scenario is this: You are one of many suitors, anonymous to a degree, and you are competing with equally anonymous rivals...in, heaven forbid, an arduous RFP process.
Back to the Alternate Reality
But what if there were no RFPs to respond to, but rather an invitation to a courtship? What if that prospective client came into the vetting process with a prejudice for your expertise over that of the field of competitors? What if the prospect eliminated the field altogether?
How would your life change? How would your approach to business development change?
This is what thought-leadership marketing can achieve, and it happens long before the specific business development opportunity formally arises. It obsoletes the fire hose. It pre-positions you as the premium provider, one that doesn’t compete on fees. It elevates a subject matter expert into the realm of “thought leader,” which is typically rarefied atmosphere to which few competitors can ascend.
But it does not solely operate at the point of impact (the pitch). True thought leadership is something that is demonstrated consistently and convincingly over the long term. “Thought leader” is a mantle that is earned, not claimed. It is not a transactional moniker that can be flooded over with a fire hose of manufactured expertise, but rather a stake in the ground that, once fortified, is difficult to supplant by bidders of the moment
What’s more: Thought-leadership marketing acts as your “praise singer,” constantly demonstrating to the world your excellence, even when you can’t be in the room to make the case for yourself. It travels—internationally—and never clocks out. As opposed to mere “content marketing,” this approach converts subject matter expertise into thought leadership...and thought leadership into new business.
What Is Thought Leadership?
Thought leaders approach their business development efforts with sophistication and purpose. Rather than merely creating content to check a marketing-department-assigned task off of a list, they relish the opportunity to provide unique perspectives, completely distinct from those which others in their niche are offering. They forecast trends. They provide deep analysis. They demystify complex matters for broad understanding, enlightenment and consumption. They carve out positions courageously—often in a polarizing (but never offensive) manner.
While in its rawest form it may look like mere “content,” if done well, it has the power to transform your reputation, earn strangers’ trust, and pre-qualify you for opportunities for which a prospect is unable to find similarly qualified alternatives. All of this raises your profile, and your pricing power.
Some examples, to be specific:
Thought Leadership Articles: Do more than cover the news. Stake out positions. Analyze issues and contextualize them for a target audience. Provide answers, not summaries. Prognosticate. Opine. Lead. Let everyone else put out B- content while you present your A game in the arena of ideas.
Podcasting: Ask a decision maker what book they most recently read, and they will likely ask, “Do audiobooks count?” C-level executives are pressed for time. They want to consume audio expertise when their schedule won’t allow for reading, be it on the treadmill, on the plane, or during their office commutes. Podcasting is the content companion to the audiobook, and thought leaders are on the forefront of adding this preferred content-delivery format to their marketing mix.
Video: According to Cisco, by 2021 over 80% of internet traffic will be video consumption. Thought leadership delivered via video not only delivers content where consumers are looking for it, it provides an invaluable, multi-dimensional impression for your personal brand in a way that writing (and even audio) cannot.
Data Visualization: Complex issues often need to be distilled into accessible data points that are both meaningful and easily digested. Thought leaders have the ability to simplify the complex, and nothing does that better than visual storytelling. Graphics and illustrations not only get noticed and consumed more easily than writing, audio or video, they have the ability to instantly resonate with the content consumer who can’t commit his or her full time and attention to consuming long-form content. Yes, a picture truly is worth a thousand words.
Plant Today, Reap Tomorrow
Perhaps a world without competitors is indeed a fantasy. But elevating your expertise above a crowded field of mere service providers is not. It’s what thought leaders do. Those who captivate minds and influence markets. It is the thought leader who commands attention and justifies premium pricing.
If that’s something worth attaining, it’s worth working for. It will always be a challenge to “win it in the room” if there are competing guests waiting in the lobby.
Consider the thought-leadership work you do today to be an investment in your future. Thought leaders who have been making deposits month in and month out will be well-positioned for rewarding withdrawals...all because they have invested in their audience’s compounding “interest” over time.
And they won’t ever need the fire hose.
From start to finish, we help our clients conceptualize, create, and produce podcasts that engage their audience, build awareness, and support business development efforts. In less than 30 days, we will have you up and running with a polished podcast. We will handle the details of podcast setup, from technology to branding, so you can focus on getting ready to host your show.
We work with professional services firms to develop content marketing strategies, create visual storytelling assets, and build brands and websites that lead to new business.
If you’re interested in increasing the returns on your marketing investments, contact me at tom@hcommunications.biz or 313.432.0287 ext. 6 to set up a free consultation to discuss how we can work together to define clear goals, create a specific plan of action, and implement marketing tactics that will help your firm grow.